With a major oil discovery in the Gulf of Mexico peak oil seems to be slipping into the future, beyond 2070 by one estimate. New deep water drilling technology is opening more ocean for exploration. It is time for the local peak oilers to take another look at their reason for existance.
World has tapped just 18 percent of global oil supplies, Saudi executive says
By Associated Press
Wednesday, September 13, 200
VIENNA, Austria - The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out.
World oil not running out, says energy boss
By Tim Dornin
September 11, 2006 01:39pm
Article from: AAP
The world has an abundant supply of oil, and high petrol prices are just the reality of a globally traded commodity, ExxonMobil Australia chairman Mark Nolan said today.
Global warming over the next twenty years will open up more of the Arctic Ocean for exploration, with less ice and more open water. This is an attractive area for oil and gas, given the geology of the region. One of the positive aspects of global warming, besides two more months a year of golfing in Canada.